Legal & General Property has secured planning permission to build 1,000 new homes in Crowthorne, Berkshire.
The development was given the green light by Bracknell Forest Council and will span over 250 acres across its former Transport Research Laboratory brownfield site.
LGP’s proposal included: 1,000 affordable homes; a neighbourhood centre; a primary school; a care home; a community centre; a council depot; and 100 acres of open space.
PLP Architecture has been chosen to design the scheme.
A spokesperson for LGP said the group hopes to appoint contractors before the end of the year, subject to section 106 and detailed planning consent agreement.
Legal & General fund manager Nick Baker said: “Forming just one element of this strategy, the Crowthorne proposals will re-use this previously developed site for 1,000 new homes as part of a comprehensive, well designed, mixed-use redevelopment, whilst making a significant contribution to meeting Bracknell Forest Council’s identified housing requirement.”
LGP is a subsidiary of Legal & General Investment Manager, which manages around £443bn in assets for over 3,100 clients.
Last week, the L&G group announced plans to invest £5bn in building several new towns across the UK. The insurer was also named as one of the six major firms to inject £25bn into new infrastructure in the UK, highlighting the housing sector as an area of focus.